International economics

Spain’s failure yet again to meet budget deficit target strains relations with Brussels

The conservative Popular Party (PP) government widely failed to meet the 2015 budget deficit target agreed with the European Commission (EC), leaving a daunting legacy for the next administration, whenever there is one, further eroding Spain’s credibility and straining relations with Brussels which will be asked for more time [...]

Global Spectator, by Andrés Ortega Is the world economy seizing up? It’s not just because of China

Taking a long term perspective, much has been made of the ‘secular stagnation’ notion made fashionable by Larry Summers in 2014. It may be that we are in the midst of a long cycle or facing a worldwide readjustment or purge, partly owing to the slowdown and change of [...]

Global Spectator, by Andrés Ortega The discreet burial of the Doha Round

It has gone largely unnoticed, but late last year the ministerial meeting in Nairobi of the World Trade Organisation (WTO), in which 164 countries took part, quietly consigned the Doha Round to the grave, after 14 years of more or less futile efforts. Its aim was originally to give [...]

Should the EU grant China Market Economy Status? A Machiavellian approach

Yet again the European Union is sleepwalking into a diplomatic disaster. According to China’s interpretation of article 15 of its WTO accession protocol signed in December 2001, after 15 years (hence in one year’s time) it will automatically acquire market economy status (MES). For years this was the consensus [...]

EU-India relations: let’s focus on getting to know each other better

At the beginning of this month, I had the privilege to be invited to New Delhi (my first time ever) to attend a meeting of European and Indian think tanks on the topic: “EU and India: closer partners in global governance?” The event was organized by the EU-Asia Centre [...]

Draghi’s morphine has stalled the Eurozone’s reform efforts

More than three years after the EU leaders agreed to establish a banking union for the Eurozone, and Mario Draghi announced that he was ready to do “whatever it takes” to save the euro it is time to take stock of what has been achieved so far in making [...]

Few lights in the darkness: The Future of the Euro by Matthijs and Blyth

This an extraordinary book on the Euro and its future paths. It is an absolute must-read because it brings together some of the top scholars in the field who, as a team led by Matthias Matthijs and Mark Blyth, achieve something unusual in the literature: to analyse the multifaceted [...]

Global Spectator, by Andrés Ortega No longer emerging economies, downwardly mobile

The latest report on Global Economic Prospects by the World Bank paints a worrying picture: the emerging economies have stopped doing so, or at least they will do so much more slowly. This is not a temporary phenomenon but, according to Kaushik Basu, its chief economist and vice-president, a [...]

Contacto | Aviso legal y política de privacidad

2012-2021, Real Instituto Elcano - Elcano Royal Institute | Príncipe de Vergara, 51. 28006 Madrid (España - Spain) | Creative Commons BY-NC-ND 3.0